Last checked at 3 May 2011 13:13
3 May 2011
AIM: ALT
Altitude Group plc("Altitude" or the "Group")
Update on Technologo acquisition and related matters
As announced on 19 April 2011, Advertising Speciality Institute. Inc. ("ASI") filed a request for a temporary restraining order ("TRO") alleging, inter alia, that the acquisition of the business and assets of Technologo by Trade Only Technology Services Ltd ("TOTS"), a Canadian wholly owned subsidiary of Altitude, from Landmark Corporate Marketing Services Ltd. ("Landmark") breached the terms of the US Licence between ASI and Landmark and seeking to restrict TOTS' ability to market the Technologo software to customers in the US. The judge refused to grant a TRO to ASI but scheduled a further hearing for 2 May 2011.
On 26 April 2011, the court issued an order preserving the status quo pending further order from the court.
On 29 April 2011, Landmark, ASI and TOTS, with the court's permission, agreed to adjourn further proceedings pending ongoing settlement discussions to find a permanent and mutually acceptable solution.
As a result, the hearing scheduled for the 2 May 2011 was cancelled.
A further announcement will be made in due course.
Contact:
Altitude Group plc
Colin Cooke (Chairman) Tel: + 44 (0) 870 224 6677Martin Varley (Chief Executive) UK Tel: + 44 (0) 7912 599 012 US Tel: +1 305 639 0252
Merchant Securities
Lindsay Mair / Bidhi Bhoma Tel: 020 7628 2200
Notes:
Altitude Group plc has two distinct but related businesses. The Promotional Marketing division is one of the UK's leading suppliers and distributors of promotional merchandise to corporate and trade customers
The Information and Technology division (Trade Only) provides a range of Cloud-based Ecommerce, Enterprise Resource Planning, Customer Relationship Management and web-based solutions to both suppliers and distributors operating in the promotional merchandise industry. Trade Only also provides information services to the industry including product data flow between suppliers and independent distributors, and the UK's largest trade show for promotional merchandise industry.